Gap Inc: Old Navy saves 2014/15 financial year

By

Matthieu Guinebault

Published
Feb 11, 2015

With 16.4 billion dollars in sales generated in the financial year ended at the end of January, the Gap group only saw a slight increase compared to the 16.15 billion the year before. The reason: the constant drop in sales at its landmark retailer.

Gap thus saw a 6% drop in its sales for the quarter ended at the end of January (compared to +1% a year earlier). This after the first three quarters each saw a drop of 5%.

The situation isn't much better for Banana Republic. The brand went up 1% over the last quarter (compared to -3% a year earlier). An increase that balances out the 1% decrease in the first and third quarters (the second quarter was stable).

And it is once again Old Navy who has saved the day, with an 11% increase (after remaining stable in 2013). The first three quarters were marked by progress of 1%, 4% and 1%.

Gap Inc., which recently discontinued its online marketplace, Piperlime, is present in 90 countries via a network of 3,200 directly-owned stores and more than 400 franchises. The consolidated numbers for the 2014/15 financial year will be published in the following weeks.

$1 = £0.66